CFTC's swaps deadline for overseas banks is in question

03/15/2013 | Fox Business

The Commodity Futures Trading Commission has not reached a decision on whether to give foreign banks more time to comply with swaps rules if the issue is not settled by a July deadline. Commissioners Scott O'Malia and Mark Wetjen both said the deadline probably will be extended, while Chairman Gary Gensler and Commissioner Bart Chilton both said that they have given foreign regulators ample time. The fifth commissioner, Jill Sommers, has announced her plans to leave the CFTC. The July deadline is the result of a six-month extension intended to give regulators time to agree on how to govern international trades.

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